Warning Signs Concerning Debt

Everyone encounters financial difficulties from time to time, but some people are in deeper than they think.

Answer the following items yes, sometimes, or no, to test your level of debt:

1. I hide purchases from friends and family, because I know I should not be spending.

2. I ignore bills, or I don’t even open them.

3. I receive collection calls at home and even at work.

4. I have no idea how much I debt I actually owe.

5. I write checks and hope to cover them before they clear my bank.

6. I bounce checks or frequently use my overdraft protection.

7. My credit cards are over limit, and I only make minimum payments on the balance.

8. I’ve taken cash advances on my credit card or borrowed money to pay everyday bills.

9. I have borrowed or taken a cash advance to buy things I don’t need or to go out.

10. I would probably be denied if I applied for a credit card or for other financing.

These warning signs are good indicators that your debt is growing out of control. If you answered more than five items “sometimes,” you should seriously rethink your spending habits. If you answered more than five items “yes,” you might want to consider credit counseling.

Written by: Sherry Holetzky

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